Estate planning is about far more than just creating a will, and it is about more than just deciding who will inherit your money and property when you pass on. You have one life to live to make a difference for your family and the world, and the estate plan that you make is going to determine the mark you make.
German Law can help you to make an estate plan that is right for you if you live in North Dakota or Minnesota. Many clients trust us to help with the plans that will shape their legacy, and we take that responsibility seriously. We will listen carefully to your goals and help you to make effective use of legal tools so you can create a plan that is personalized to you and your situation. Give us a call today to talk with an attorney for help with your plan and to get answers to questions you have about the estate planning process including:
- When do I need to make an estate plan?
- What should be a part of my estate plan?
- How can an estate planning lawyer help with my plans in North Dakota or Minnesota?
When do I Need to Make an Estate Plan?
You should make an estate plan as soon as you can if you don’t already have one in place. Many people believe that they have lots of time to make their plans, especially if they are young. Unfortunately, there are never any guarantees regarding what the future holds. If you become incapacitated due to serious illness or injury, or if you pass away unexpectedly, it will be too late for you to make a plan if you haven’t already acted.
Estate planning allows you to accomplish many goals that you may have for yourself and your loved ones. Through the creation of an estate plan, you can keep assets safe from loss, choose who will inherit, and find ways to transfer assets to heirs or beneficiaries in the most timely and efficient manner.
You can create a plan that addresses any special circumstances that your loved ones may have- such as making plans to leave an inheritance to a minor or a disabled child- and your plan can help you to reduce or avoid estate tax and other potential sources of loss. However, if you do not act and something happens to you, it will be too late and default rules will determine your family’s future and your legacy.
What Should be Part of my Estate Plan?
The components of your estate plan will vary depending upon what your family situation is, what your goals are for your plan, and the assets that you own. Some of the different possible legal tools you can use to protect assets at the end of your life and to facilitate the transfer of those assets to desired heirs or beneficiaries include:
- A last will and testament
- Revocable living trusts and irrevocable trusts, which give you more control over the transfer of assets and which make asset protection possible.
- Power of attorney, which allows you to protect assets in case of incapacity by choosing a person to manage your wealth.
- A business succession plan, which helps transfer ownership of a company in an efficient way.
- Advanced directives for healthcare, which give you control over the kinds of care you want in an emergency.
- Pay-on-death accounts and joint ownership, both of which will allow assets to transfer outside of the probate process.
- Guardianship plans for children who are under 18 who you are responsible for caring for.
Your estate plan will likely change and evolve as your life changes. Our firm can help you to make certain you have a plan that is up-to-date and that ensures you can protect your wealth and use it for your desired purposes at the end of your life and after you are gone.
How can an Estate Planning Lawyer in North Dakota or Minnesota Help You?
Making your estate plan is not something to be taken lightly. You don’t want to make mistakes that undermine your ability to take care of your family and leave your desired legacy. German Law can help you to make the law work for you. We will provide personalized advice, help you to choose the right legal tools to be a part of your estate plan, and assist you in using those legal tools to put protections in place for your family and future. Give us a call today to find out more.